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Corporate Law - From 1st August, 2020 some rules are getting change. The changes may affect our life. The new rule will be implemented after replacing old one. These changes include the rate of contribution in EPF, change in insurance, interest rate rules on bank accounts. EPF will be deducted @ 12% The Finance Minister announced that monthly […]...
Read MoreCorporate Law - The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years....
Read MoreCorporate Law - The tug of regulatory war over unit linked insurance plans (ULIPs) has ended with regulatory regime to be retained with insurance regulatory body (IRDA). The Central Government has promulgated an Ordinance (legislation) to the effect that ULIPs shall be regulated by IRDA only, thus ending the ongoing claims by both regulators- SEBI and I...
Read MoreCorporate Law - It has come to the notice of the Authority that some unauthorized entities are professing to be selling health plans by offering discounts on medical treatments or diagnostic tests. It is hereby clarified that only the IRDAI registered insurance companies, or their authorized agents and intermediaries registered by IRDAI can sell insur...
Read MoreCorporate Law - Domestic Systemically Important Insurers (D-SIIs) refer to insurers of such size, market importance and domestic and global inter connectedness whose distress or failure would cause a significant dislocation in the domestic financial system. Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of i...
Read MoreCorporate Law - Insurance companies will provide a 5% discount in premium of Corona Kavach to doctors, nurses and other healthcare workers, in terms of the guidelines issued by IRDAI....
Read MoreCorporate Law - The Authority is aware of reports that some hospitals are not granting cashless facility for treatment of Covid-19 despite such arrangements with the insurers. It is also brought to the notice of the Authority that some of these hospitals are also demanding cash deposits from the policyholders....
Read MoreCorporate Law - Insurance Regulatory and Development Authority of India (Appointed Actuary) Regulations, 20171 (Amended up to 14.05.2020) F. No. IRDAI/Reg/6/143/2017.—In exercise of the powers conferred by clause (zd) of sub-section (2) of section 114A of the Insurance Act, 1938 (4 of 1938) read with sections 14 and 26 of the Insurance Regulatory and D...
Read MoreNew India Assurance Co. Ltd. Vs. Union of India (Delhi High Court) - Every claim made against an insurance company in respect of a loss, would be a claim within purview of claims “requiring to be paid or settled” under section 64UM(2) of Insurance Act....
Read MorePushpa @ Leela & Ors. Vs Shakuntala & Ors. (Supreme Court of India) - The Supreme Court held recently held in the case of Pushpa @ Leela & Ors. Versus Shakuntala & Ors that the insurance company will be liable to pay compensation for road accident death even if the owner had sold the vehicle so long as his name is the official register. The previous owner m...
Read MoreRef. No:IRAID/NL/ORD/MISC/260/10/2020 - (19/10/2020) - Amid the COVID 19 pandemic, there are rising incidences of cyberattacks and a growing number of high-profile data breaches. It is felt that cybersecurity is the most important need for all sectors today to address the numerous risks posed by cyber-attacks....
Read MoreNotification No. F. No. IRDAI/Reg/xx/2020 - (20/10/2020) - Insurance Regulatory and Development Authority of India Ref. No: 2020 Dated: 20.10.2020 Exposure Draft on Insurance Regulatory and Development Authority of India (Insurance Advertisements and Disclosure) Regulations, 2020 Background Reference is drawn to IRDA (Insurance Advertisements and Disclosu...
Read MoreRef. No: IRDA/NL/CIR/MISC/ 263 /10/2020 - (21/10/2020) - Insurance Regulatory and Development Authority of India Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 Date: 21-10-2020 All CEOs /CMDs of all General Insurance Companies and Stand-Alone Health Insurance Companies Re: Guidelines on Insurance Claims of victims of Floods (Oct 2020) in the calamity affected di...
Read MoreRef. No:IRDAI/NL/WG/SB/375/2020-21 - (19/10/2020) - INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA Ref. No:IRDAI/NL/WG/SB/375/2020-21 Date:19-10-2020 Exposure Draft Re: Report of the Working Group (WG) on suitability of offering of Surety Bond by Indian Insurance Industry A Working Group was set up by the Authority vide order Ref: IRDAI/NLWG...
Read MoreNotification No. IRDAI/Life/Cir/Misc/254/10/2020 - (15/10/2020) - Saral Jeevan Bima is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term....
Read MoreRef. No:IRAID/NL/ORD/MISC/260/10/2020 - (19/10/2020) -
Notification No. F. No. IRDAI/Reg/xx/2020 - (20/10/2020) -
Ref. No: IRDA/NL/CIR/MISC/ 263 /10/2020 - (21/10/2020) -
Ref. No:IRDAI/NL/WG/SB/375/2020-21 - (19/10/2020) -
Notification No. IRDAI/Life/Cir/Misc/254/10/2020 - (15/10/2020) -
Ref: IRDAI/HLT/REG/CIR/253/10/2020 - (13/10/2020) -
NA - (24/09/2020) -
Ref. No: IRDAI/F&I/CIR/INV/246/09/2020 - (25/09/2020) -
Ref. No:IRDAI/SDD/CIR/MISC/ 245 /09/2020 - (21/09/2020) -
